Clients' Testimonials

Mr. Tibor Janka, director of UAB „Baltum“


yourbusiness.lt services have always been professional and provided in due course from the very beginning of our cooperation. I mean not simply buying a company alone but also approaching the team of yourbusiness.lt for various services afterwards. I would in fact recommend this name to anyone interested in an easy going business startup process in Lithuania.

 

Frequently Asked Questions

How long does the establishment procedure take?

Establishment procedure usually takes 7 workdays after we have arranged all the details and received all the necessary documents related to the establishment. The acquisition of a ready made company can be arranged in a few hours if you come to Lithuania personally and if not – approx. 5 business days.

Is it mandatory to register as VAT (value added tax) payer?

It is mandatory to be a VAT payer in Lithuania in any of these cases.

  • If you intend to exceed annual turnover of 155.000 LT (approx. 45.000 EUR)
  • If you intend to acquire goods from EU member states which value exceeds 35.000 LTL (approx.  10 000 EUR) per year

Do I have to come personally to Lithuania for the establishment?

You do not have to come to Lithuania personally. All the issues related to the acquiring of the company may be solved via mail. We will take care of all necessary procedures and represent you in local authorities.

How much it will cost?

The price of Registered Company is 2.528 LTL (733 EUR).

Establishment of Joint-Stock Company in total will cost 2.026 LT / 587 EUR. This amount consists of:

  • Notary services for approving Company’s statute (800 LT / 232 EUR)
  • Company’s registration in the Register Centre (198 LT / 57 EUR)
  • An extract from the Register Centre indicating a director and a shareholder of the company (28 LT / 8 EUR)
  • Capped fee for Company’s establishment (1.000 LT / 290 EUR)

Establishment of Small Partnership in total will cost 1.878 LT / 545 EUR. This amount consists of:

  • Notary services for approving Small Partnership’s statute (700 LT / 203 EUR)
  • Company’s registration in the Register Centre (178 LT / 52 EUR)
  • Capped fee for Company’s establishment (1.000 LT / 290 EUR)

Establishment of Public Company in total will cost 1.607 LT / 466 EUR. This amount consists of:

  • Notary services for approving Public Company’s statute (300 LT / 87 EUR)
  • Public Company’s registration in the Register Centre (107 LT / 31 EUR)
  • Capped fee for Public Company’s establishment (1.200 LT / 348 EUR)

Establishment of Association in total will cost 1.691 LT / 490 EUR. This amount consists of:

  • Notary services for approving Association’s statute (400 LT / 116 EUR)
  • Association’s registration in the Register Centre (91 LT / 26 EUR)
  • Capped fee for Association’s establishment (1.200 LT / 348 EUR)

What will be my company’s name?

You may choose any desirable name for your company. However, we cannot guarantee that preferred name is not taken, thus we will ask you to choose three different desirable names for your company and put them in the order which one do you prefer most.

What is the difference between Association and Public company?

Association is the non-profit legal entity which brings together and unites people who are reaching the common goal. Association’s income is used to develop the association and fulfil its needs. Association may be established by signing the memorandum by at least 3 founders (natural or legal persons) who convene a founding meeting in which statutes are be adopted and at least one management body are set up.

Public company is a non-profit legal person of limited civil liability, the aim of which is to satisfy public interests by carrying out the activities useful to the public. Use of income is the same as associations - only for its own needs. Public company may be established by one or more natural or legal persons, state or municipal institutions who are not seeking personal benefits from the activities performed by Public company. Public company is managed by the general meeting of stakeholders and a single-person management body - the head of the public company.

What is the difference between Joint-Stock Company (“UAB”) and Small Partnership (“MB”)?

Small Partnership (“MB”) fills in the gap between the sole proprietorship and private company, being oriented towards the small business, particularly the family business. It is a private limited liability with the following basic features:

  • No application of the minimum authorised capital.  The participants are free to decide the amount of such contributions in accordance to their business needs. The contributions of members of Small Partnership can be monetary and non-monetary (movable and immovable property), property rights, but work or services shall not be participants’ contribution.
  • Only natural persons might be the participants of the Small Partnership (from 1 to 10 persons).
  • The management of the entity is simplified as there is no need to appoint a director since the assembly of participants may operate as a management body.
  • The participants of the Small Partnership shall be allowed to divide the profit in advance (not only once a year, like the shareholders of Joint-Stock Company).

May I expand my existing business to Lithuania without establishing a legal entity?

In case you may not wish to establish a legal entity in Lithuania, a branch or a representative office might be a solution. The representative office or the branch is a unit of a foreign company, which has its registered office in the territory of the Republic of Lithuania. They shall function under the authorization/regulations of the incorporator and they have no legal personality.

The branch office is a structural unit of a legal person which performs all or a part of the legal person's functions. The branch office can conduct trade within scope set by foreign company.

The representative office is a unit of a legal person, which has the right to perform the operations specified: to represent the interests of a legal person and safeguard them, to enter into contracts as well as perform other operations in legal person’s name, to conduct import and export operations exclusively between foreign legal persons, which have established the branch office or related enterprises, institutions or organisations and the branch office.

The main feature of the representative office or the branch is that foreign company shall be liable for the obligations of the branch or the representative office.

For tax purposes a foreign company may set-up a permanent establishment in Lithuania.

Do you provide with nominee service?

We do not offer nominee director service since in Lithuania persons of any citizenship can be the directors of the private limited liability companies.  Also a concept of a ‘Nominee Director’ is not recognized under the Lithuanian laws as responsibilities of a director cannot be limited by acting as a nominee only. Lithuanian laws do not require companies to have a company secretary as well, thus we do not provide nominee secretary service.

Do you provide with virtual office service?

Yes, we do offer virtual office service because every legal entity, established and operating under the laws of Republic of Lithuania must have the registered office in the real estate situated in Lithuania. In case you do not possess real estate in Lithuania we would be happy to assist you with acquiring formal registration address in Vilnius city for 300 LTL (87 EUR) as an annual. This price includes mail forwarding services.

What are the requirements for accountancy?

Every company in Lithuania must either hire an accountant or make an agreement on accounting services with an accounting company.  We are able to provide all the accounting services needed for your company.